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AGERE SYSTEMS REPORTS RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR 2004
Company reports year-over-year improvement in revenues, gross margin, earnings per share and cash
FOR RELEASE: TUESDAY, OCTOBER 26, 2004
ALLENTOWN, Pa. Agere Systems (NYSE: AGR.A, AGR.B) today reported that revenues for the fourth quarter of fiscal 2004, ended September 30, were $439 million, at the high end of the guidance range provided by the company in July. The companys revenues were $495 million in the June quarter and $504 million in the year-ago quarter.
For the full fiscal year 2004, the company reported revenues of $1.91 billion, an increase of 4 percent over revenues of $1.84 billion for fiscal year 2003.
For the September quarter, the company reported a GAAP net loss of $127 million or $0.07 per share, including $132 million in net restructuring and other charges. The company reported a GAAP net income of $2 million or breakeven per share in the June quarter, and a GAAP net income of $11 million or $0.01 per share in the year-ago quarter.
Pro forma net income was $6 million or breakeven per share in the September quarter, compared to pro forma net income of $10 million, or $0.01 per share in the June quarter, and pro forma net income of $64 million or $0.04 per share in the year-ago quarter.
For the full fiscal year 2004, the company reported a GAAP net loss of $90 million, or $0.05 per share, compared to a GAAP net loss of $338 million, or $0.20 per share in fiscal 2003. The company reported pro forma net income of $49 million, or $0.03 per share, compared to pro forma net loss of $148 million, or $0.09 per share in fiscal 2003.
Pro forma net income excludes gain or loss from the sale of, and income or loss from, discontinued operations; restructuring-related charges included in costs, primarily
The following information was filed by Agere Systems Inc on Tuesday, October 26, 2004 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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